C&S Marketing ( CSM ) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis
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Question:
C&S Marketing CSM recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis office. As part of the arrangement, CSM agreed on February th to advance Jeff $ on a oneyear, percent note, with interest to be paid at maturity on February th CSM prepares financial statements in June th and December.
Required:
Prepare Journal Entries that CSM will make: If no entry is required for a transactionevent select No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to whole dollar amount
When the note is established
Prepare journal entries to accrue interest on June and December
To record the principal payment at the maturity date.
A Record the receipt of a note on February for a $ loan to an employee.
B Record the interest accrued on the note of June
C Record the interest accrued on the note as of December
D Record the receipt of the payment for interest for the period ending February
E Record the receipt of the payment for the principal on the note's maturity date.
RECORD THESE AS JOURNAL ENTRIES
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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